July 31, 2013
Taiyo Nippon Sanso Corporation

Consolidated Financial Performancefor the First Quarter of Fiscal Year 2014
(Based on Japan GAAP)
1. Financial results for the first quarter (April 1, 2013 - June 30, 2013)(1) Operating results(Amounts less than ¥1 million are omitted)

Net sales(¥ million)First
quarter ofFY2014
First
quarter ofFY2013

Operating income

YoYChange(¥ million)

Ordinary income

YoY
Change(¥ million)

Net income

YoYChange(¥ million)

YoY
Change123,130

9.6%

7,373

19.0%

7,633

30.8%

4,492

46.8%

112,378(3.3)%

6,194(18.9)%

5,833(27.9)%

3,059(8.0)%

Note: Comprehensive income
First quarter of FY2014: ¥17,160 million (up 208.6%)
First quarter of FY2013: ¥5,560 million (up 12.6%)
Earnings per

Diluted earnings per

share (Yen)share (Yen)First quarter of FY2014

11.58

-

First quarter of FY2013

7.71

-

Total assets

Net assets

Equity ratio (%)

First quarter of FY2014

646,900

242,684

34.0

FY2013615,820

224,253

33.1(2) Financial position

Notes: Equity
First quarter of FY2014: ¥219,850 million
FY2013 full term: ¥203,771 million

12. Forecasts for business operations for FY2014(full term; April 1, 2013 – March 31, 2014)
Net sales

FY2014(first half)
FY2014(full term)

Operatingincome

Ordinary income

Net income

Earnings
per share(¥ million)

YoY
Change(¥ million)

YoY
Change(¥ million)

YoY
Change(¥ million)

YoY
Change(Yen)

252,000

10.4%

14,60016.2%

13,800

14.6%

7,900

-

20.37

514,000

9.7%

31,50026.6%

29,30027.1%

17,100-44.09

Note: No revisions have been made to recently announced forecasts.
3. General information relating to the first quarter resultsOverall business performance (consolidated basis)
During the first quarter of the fiscal year under review (April 1, 2013 - June 30, 2013), theglobal economy remained lackluster overall. Despite the gradual economic recovery in theUnited States buoyed mainly by an upswing in consumer spending, these global economic
conditions were primarily due to the ongoing recession in Europe, amid its ongoing financial
crisis, as well as the shadow being cast over current economic growth in China, India andother emerging markets. The outlook for the Japanese economy remained uncertain in spite ofheightened expectations over an economic turnaround accompanying the weak yen and higher
stock prices.
Against this backdrop, first quarter net sales on a consolidated basis increased 9.6%
year on year to ¥123,130 million, operating income rose 19.0% to ¥7,373 million, andordinary income improved 30.8% to ¥7,633 million. Net income for the quarter climbed
46.8% year on year to ¥4,492 million.
A breakdown of business performance by operational segment is as follows.
(1) Industrial Gas
Sales in Japan of oxygen and nitrogen supplied onsite were all up year on year due to majordemand from the steel and chemical industries, key users of these gasses. However, shipping
volume and sales of liquid oxygen, liquid nitrogen and liquid argon decreased year on year
because of lower overall demand. Sales of machinery and equipment dropped sharply year on
year following a decline in orders. In overseas markets, sales in North America rose year onyear, reflecting a rebound in the economy, while sales in Asia increased substantially thanks tonew consolidation effects.
As a result, sales in the Industrial Gas segment increased 10.7% year on year to¥79,932 million, but operating income edged slightly up 2.1% to ¥5,274 million due to a risein costs following a fall in production volume in Japan. .

2(2) Electronics
Demand in the electronics industry remained weak overall, but there were signs of a reboundin certain sectors. Sales of electronic materials gases as well as electronics-related equipment
and installations increased year on year. However, sales of semiconductor manufacturing
equipment (MOCVD) decreased compared with the previous fiscal year due to stagnant
capital investment among key domestic users.
As a result, sales in the Electronics segment increased 10.4% year on year to ¥23,823
million, and the segment posted operating income of ¥1,035 million compared with anoperating loss of ¥255 million in the same period of the previous fiscal year.
(3) Energy
Regarding LP gas, consumer demand declined amid higher-than-average spring temperaturesin eastern and western Japan as well as increased purchasing costs mainly caused by the weakyen.
As a result, sales in the Energy segment decreased 5.6% year on year to ¥9,682
million, while operating income rose 26.4% to ¥469 million.
(4) OtherIn the Medical Business, gas and medical device sales were steady. Sales in the Thermos
Business jumped significantly year on year because of strong sales mainly of sports-use
vacuum bottles following a heat wave.
As a result, sales in the Other segment increased 16.6% year on year to ¥9,692
million, and operating income grew 7.8% to ¥1,052 million.
4. Segment information
Results by operating segment
First Quarter, FY2013 (April 1, 2012 to June 30, 2012)
IndustrialGas
Sales(1) Sales toexternal
Customers(2) Sales frominter-segment
transactions andtransfers

Reportable segment
Electronics Energy
Other(Note 1)

Total(¥ million)
Adjustments Consolidated(Note 2)

72,214

21,588

10,2608,314

112,378―

112,378

391

13

514

700

1,620

(1,620)―Total

72,605

21,602

10,775

9,015

113,998(1,620)112,378

Operatingincome (loss)[Segmentearnings (loss)]

5,167

(255)

637

975

6,525

(331)

6,194

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Notes
1. Other businesses include the medical-related business, the Thermos business and real estate
operations.
2. The ¥331 million negative adjustment for segment earnings (loss) comprises ¥46 million ofinter-segment eliminations and companywide expenses of ¥377 million that were notallocated to any particular reportable segment. These companywide expenses relate
principally to basic researches that were not particularly allocated to reportable segments.
Results by operating segment
First Quarter, FY2014 (April 1, 2013 to June 30, 2013)
IndustrialGas
Sales(1) Sales toexternal
Customers(2) Sales frominter-segment
transactions andtransfers
Total
Operating income[Segmentearnings]

Reportable segment
Electronics
EnergyOther(Note 1)

Total(¥1 million)
Adjustments Consolidated(Note 2)

79,932

23,823

9,682

9,692

123,130―

123,130

452

20

528

829

1,831

(1,831)―80,384
5,274

23,844
1,035

10,210469

10,521
1,052

124,961
7,831(1,831)(458)

123,130
7,373

Notes
1. Other businesses include the medical-related business, the Thermos business and real estateoperations.
2. The ¥458 million negative adjustment for segment earnings comprises ¥12 million ofinter-segment eliminations and companywide expenses of ¥470 million that were notallocated to any particular reportable segment. These companywide expenses relate
principally to basic researches that were not particularly allocated to reportable segments.

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